Holding the Line
Feb 24, 2023
• 6
Min Read
Bulls Out Over Their Skis in the Short Term
This was obviously a disappointing week for the bulls. We have yet to see the rollover in yields that we were anticipating in the near term, and as a result, crypto is starting to catch up with global equities.
We can see below that an apparently overzealous derivatives market exacerbated the lack of follow-through in the spot market. Below we map out bitcoin’s 3M basis and annualized perps funding rate.
Futures contracts were being priced at the highest level since April of last year, and perp funding rates were at their high...